https://www.taxtmi.com/caselaws?id=243525 The Court dismissed the revenue's appeal against the deletion of a penalty under Section 221 of the Income Tax Act for the assessment year 2004-05. The Court upheld the Tribunal's decision, emphasizing that penalty under Section 221(1) is applicable only in cases of default in tax payment, not interest payment, as defined in Section 2(43) of the Act. The Court differentiated between tax, penalty, and interest, concluding that the penalty was rightly deleted as there was no default in tax payment by the assessee. en-us Tue, 29 Oct 2013 00:00:00 +0530 Tue, 04 Feb 2014 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243525 The Court dismissed the revenue's appeal against the deletion of a penalty under Section 221 of the Income Tax Act for the assessment year 2004-05. The Court upheld the Tribunal's decision, emphasizing that penalty under Section 221(1) is applicable only in cases of default in tax payment, not interest payment, as defined in Section 2(43) of the Act. The Court differentiated between tax, penalty, and interest, concluding that the penalty was rightly deleted as there was no default in tax payment by the assessee. Case-Laws Income Tax Tue, 29 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243525